Two agencies are competing for the business, according to an individual with knowledge of the subject.

Representatives from Emirates did not respond to inquiries seeking comment. H+K representatives could not be immediately reached for comment.

It is understood that the account's budget started at about $500,000 but has decreased as it has gone through the procurement process. Agencies have already pitched their creative ideas for the account.

“Procurement is becoming the de facto new brand manager,” the source said.

Last April, Emirates launched its first integrated campaign, “Hello, Tomorrow,” to increase international brand awareness and change the company's image to that of a lifestyle brand.

Last November, Emirates reported a 17% year-over-year revenue increase in the first half of 2012 to about $9.6 billion. The company also reported a net profit of $462.9 million in the first six months of last year.